New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- In fiscal year 2022, large bore vacuum insulated pipe market is projected to reach US$ 17.43 Million, up from US$ 16.2 Million in fiscal year 2021. The market is anticipated to expand at a 7.6% CAGR from 2022 to 2032, reaching a value of US$ 36.26 Million by the end of that year.
The large bore vacuum insulated pipe, sometimes referred to as VJ piping or vacuum-insulated pipe and relatively similar to vacuum jacketed piping, is used to carry liquid supercooled gasses. Liquids such as liquid oxygen, liquid nitrogen, and liquid helium must be kept cold during the transfer process in order to prevent gasification and leakage of some of the liquid. Large bore vacuum insulated pipes maintain the extremely cold temperatures necessary to prevent this heat loss.
“Various clean fuel policies to the usage of liquefied petroleum gas, which in turn would boost the demand for large bore vacuum insulated pipes during the forecast period.” comments a Persistence Market Research analyst.
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Key Takeaways from the Market Study
- During the historical period of 2017-2021, the large bore vacuum insulated pipe market grew at a CAGR of 4.5%.
- By 2032, the global large bore vacuum insulated pipe market is projected to reach a market size of US$ 36.26 Million
- The above ground segment by installation type is going to occupy a 48% global market share in 2022.
- The cryogenic application segment will be the fastest growing segment during the forecast period with a 7.2% CAGR.
- The North American region is predicted to grow with a steady CAGR of 7% during 2022-2032.
- The European large bore vacuum insulated pipe market is expected to grow with a steady CAGR of 7.8% during 2022-2032.
Industry expansion is anticipated to be aided by rising demand for liquefied natural gas (LNG). By 2023, more than 100 billion cubic meters of new LNG supplies are anticipated to be operational, with the majority of these increases coming from Australia and the United States, according to the International Energy Agency (IEA). Additionally, the Asia Pacific region's LNG imports are anticipated to rise by 6% from 2011 to 346.3 billion cubic meters in 2021. Furthermore, the prognosis for large bore vacuum insulated pipe until 2032 would improve with the implementation of strict greenhouse gas (GHG) regulations to curb emissions. As a result, the worldwide market for large bore vacuum insulated pipe would see growth with the booming LNG sector.
Numerous countries all around the world are implementing and adopting clean fuel legislation. In several places, these policies are effectively being implemented. For instance, the New Mexico state Senate passed a measure in 2021 that established clean fuel regulations, which will aid the country in achieving its carbon neutrality objectives. These programmes encourage the use of conventional fuels for transportation. Liquid petroleum gas is therefore becoming the next clean fuel. The oil and gas sectors utilize this fuel extensively, which is driving up demand for large bore vacuum insulated pipes. The transfer of LPG is made simpler, safer, and much more practical with the help of these pipe systems.
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Competitive Landscape
Some of the top companies in the big bore vacuum insulated pipe industry are Ability Engineering Technology, Inc., CRYOSPAIN, INTECH GmbH, Demaco, Schwanner GmbH, Empower, Cryogas Equipment Pvt. Ltd., PERMA-PIPE International Holdings, Inc., Cryoworld, Maxcon Industries Pty. Ltd., and TMK.
Several of these companies are negotiating contracts for the acquisition of pricey items in order to grow their business operations and improve their position.
- A contract in Egypt and Saudi Arabia for USD 15.5 million was given to PERMA-PIPE in March 2022. The company supplied insulated pipes, an XTRU-THERM insulation system, and a PermAlert leak detection system as part of this agreement.
- Empower received a USD 52.5 million contract in March 2022 to construct a state-of-the-art DC plant that would allow them to offer environmentally friendly district cooling solutions in the DLRC region. When all project phases are finished, the plant's expansion will have reached around 47,000 RT of its overall output capacity.
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Find More Valuable Insights on Large Bore Vacuum Insulated Pipe Market
Persistence Market Research puts forward an unbiased analysis of the global BDaaS market, providing historical demand data (2015-2021) and forecast statistics for the period of 2022-2032. To understand the opportunities in Large bore Vacuum Insulated Pipe, the market is segmented on the basis of installation type and application type and vertical across five major regions.
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